# THE TORIGOE CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第91期(2025/01/01－2025/12/31) (S100XTAP)
> Page: https://vizora.meequs.com/en/company/the-torigoe
> Retrieved: 2026-09-30T19:51:45.326Z

## Company

THE Torigoe, founded in 1935, is a company in Food Ingredients listed on TSE Standard. It has 354 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THE TORIGOE CO.,LTD. |
| Ticker | 2009 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2009.T) |
| Listing | TSE Standard |
| Head office | 福岡県うきは市吉井町276番地の1 |
| Representative (per filing) | 代表取締役会長兼社長 鳥越 徹 |
| Founded | Dec 1935 |
| Share capital | ¥2.81B |
| Employees (consolidated) | 354 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | www.the-torigoe.co.jp (https://www.the-torigoe.co.jp/) |
| Corporate number | 5290001055183 |
| EDINET | E00351 |
| Industries (Vizora) | Food Ingredients |

> Profile source: annual securities report (S100XTAP, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.4 | 22 |
| Profitability | 43.8 | 24 |
| Cash conversion | 89.6 | 24 |
| Efficiency | 10.4 | 24 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- THE Torigoe brought in ¥26.3B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit +23.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥26250493000 → ¥1135307000
- Net income → operating cash flow: ¥1135307000 → ¥3099760000（difference ¥1964453000）
- Main uses of operating cash flow: CapEx ¥2290647000 / dividends ¥966855000 / buybacks ¥14000
- Change in cash: ¥-597718000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥26.3B |  |
| Operating income | ¥1.31B | Margin 5.0% |
| Net income | ¥1.13B | Margin 4.3% |
| Free cash flow | ¥809.1M |  |
| Employees (consolidated) | 354 |  |
| EPS | ¥23.34 |  |
| Book value per share | ¥1443.51 |  |
| Equity ratio | 79.1% |  |
| Shares outstanding | 26,036,000 |  |
| Treasury shares | 2,413,500 |  |
| Shareholders | 17,374 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 25.8% | Cash ÷ revenue 45.6% |
| Vs. industry median margin | -0.3 pp | Food Ingredients |
| ROE | 3.8% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income
- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21870638000 | ¥26250493000 | +20.0% |
| Operating income | ¥736383000 | ¥1311850000 | +78.1% |
| Operating margin | 3.4% | 5.0% | +1.6 pp |
| Employees | 376 people | 354 people | -5.9% |
| Cash and equivalents | ¥10338923000 | ¥11972802000 | +15.8% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,250 | 100.0% | S100XTAP |
| Cost of revenue | 21,015 | 80.1% | S100XTAP |
| Gross profit | 5,236 | 19.9% | S100XTAP |
| SG&A | 3,924 | 14.9% | S100XTAP |
| Operating income | 1,312 | 5.0% | S100XTAP |
| Ordinary income | 1,653 | 6.3% | S100XTAP |
| Pretax income | 1,700 | 6.5% | S100XTAP |
| Income tax | 565 | 2.2% | S100XTAP |
| Net income | 1,135 | 4.3% | S100XTAP |
| Net income attributable to owners | 1,132 | 4.3% | S100XTAP |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 15 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.9% → Operating margin 5.0% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.3%; Core profit growth: +23.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 74.56×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 26,168 | 26,250 | 82 | +0.3% |
| Gross profit | 4,867 | 5,236 | 369 | +7.6% |
| Operating income | 1,063 | 1,312 | 249 | +23.4% |
| Net income attributable to owners | 950 | 1,132 | 182 | +19.2% |
| Operating cash flow | 1,919 | 3,100 | 1,181 | +61.5% |
| Free cash flow | 1,302 | 809 | -492 | -37.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 22,321 | 1,199 | 5.4% | 1,008 | 1,115 | 694 | S100L17H |
| FY ending Dec 2020 | 21,871 | 736 | 3.4% | 528 | 1,055 | 611 | S100NS6S |
| FY ending Dec 2021 | 22,700 | 965 | 4.3% | 832 | 1,777 | 1,216 | S100QHC4 |
| FY ending Dec 2022 | 24,403 | 1,233 | 5.1% | 932 | -48 | -499 | S100T4JV |
| FY ending Dec 2023 | 26,386 | 1,061 | 4.0% | 966 | 1,682 | 716 | S100VHCR |
| FY ending Dec 2024 | 26,168 | 1,063 | 4.1% | 950 | 1,919 | 1,302 | S100XTAP |
| FY ending Dec 2025 | 26,250 | 1,312 | 5.0% | 1,132 | 3,100 | 809 | S100XTAP |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.2M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥3.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 382 | 369 | 360 | 354 | 354 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.3M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 41.7 years | 42.5 years | 43.1 years | 43.4 years | 42.9 years |
| Average tenure (parent company) | 17.0 years | 17.5 years | 17.8 years | 18.0 years | 17.4 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +0.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,100 | 11.8% | S100XTAP |
| Capital expenditure | 2,291 | 8.7% | S100XTAP |
| Free cash flow | 809 | 3.1% | 算出 |
| Investing cash flow | -2,204 | -8.4% | S100XTAP |
| Financing cash flow | -1,493 | -5.7% | S100XTAP |
| Dividends paid | 967 | 3.7% | S100XTAP |
| Share buyback | 0 | 0.0% | S100XTAP |
| Change in cash | -598 | -2.3% | S100XTAP |
| Cash and equivalents | 11,973 | 45.6% | S100XTAP |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,079 | 10,683 | 10,535 | 12,571 | 11,973 | S100T4JV, S100VHCR, S100XTAP |
| Total assets | 40,013 | 41,593 | 42,305 | 45,396 | 46,474 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Net assets | 31,908 | 33,544 | 34,483 | 35,936 | 36,794 | S100T4JV, S100VHCR, S100XTAP |
| Share capital | 2,805 | 2,805 | 2,805 | 2,805 | 2,805 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Trade receivables | 3,705 | 4,053 | 4,077 | 3,999 | 3,867 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Property, plant and equipment | 10,202 | 10,066 | 10,219 | 10,214 | 11,814 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Intangible assets excluding goodwill | 244 | 237 | 358 | 329 | 301 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Investment securities | 8,038 | 9,426 | 9,946 | 11,210 | 12,310 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Current assets | 21,363 | 21,709 | 21,668 | 23,541 | 21,879 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Current liabilities | 3,951 | 4,019 | 4,791 | 4,211 | 4,525 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Trade payables | 1,226 | 1,191 | 1,354 | 1,403 | 1,657 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Short-term borrowings | 1,465 | 1,546 | 2,191 | 1,445 | 1,530 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Long-term borrowings | 1,904 | 1,303 | 158 | 1,841 | 1,258 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Total liabilities | 8,105 | 8,049 | 7,822 | 9,460 | 9,680 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Non-controlling interests | 26 | 26 | 28 | 31 | 34 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Equity attributable to owners of parent | 27,644 | 28,249 | 28,864 | 29,414 | 29,587 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Retained earnings | 24,152 | 24,758 | 25,370 | 25,919 | 26,082 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |
| Treasury stock | -2,125 | -2,081 | -2,079 | -2,077 | -2,067 | S100QHC4, S100T4JV, S100VHCR, S100XTAP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XTAP |
| Receivables | 8% | S100XTAP |
| Property, plant and equipment | 25% | S100XTAP |
| Intangibles and goodwill | 1% | S100XTAP |
| Investment securities | 27% | S100XTAP |
| Other assets | 13% | S100XTAP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XTAP |
| Other liabilities | 17% | S100XTAP |
| Equity | 79% | S100XTAP |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 40,013 | 41,593 | 42,305 | 45,396 | 46,474 |
| Equity | 31,908 | 33,544 | 34,483 | 35,936 | 36,794 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,079 | 10,683 | 10,535 | 12,571 | 11,973 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 45.0% | S100XTAP |
| Fixed assets ÷ total assets | 25.4% | S100XTAP |
| Goodwill ÷ parent equity | — | —, S100XTAP |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 25.8% |
| Cash ÷ revenue | 45.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 236.3% |
| Cash vs. profit gap | 1,968 JPY mn (of net income 173.8%) |
| Shareholder returns / net income | 85.4% |
| Shareholder returns / FCF | 119.5% |
| Shareholder payments — dividends / net income | 85.4% |
| Shareholder payments — dividends / FCF | 119.5% |
| CapEx intensity (capex ÷ revenue) | 8.7% |
| Investing CF relative to operating CF | 71.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.7% | 0.57× | 2.1% | 1.45× | 3.0% | S100QHC4 |
| 2022 | 3.8% | 0.60× | 2.3% | 1.46× | 3.3% | S100T4JV |
| 2023 | 3.7% | 0.63× | 2.3% | 1.47× | 3.4% | S100VHCR |
| 2024 | 3.6% | 0.60× | 2.2% | 1.50× | 3.3% | S100XTAP |
| 2025 | 4.3% | 0.57× | 2.5% | 1.56× | 3.8% | S100XTAP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社鳥越商店 | Major shareholder | 6.0% | 2025-12-31 |
| 三井物産株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社福岡銀行 | Major shareholder | 4.9% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.9% | 2025-12-31 |
| 株式会社広島銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.1% | 2025-12-31 |
| 株式会社佐賀銀行 | Major shareholder | 2.7% | 2025-12-31 |
| 損害保険ジャパン株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.4% | 2025-12-31 |
| 三井住友信託銀行株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.3% | 2025-12-31 |
| 鳥越 徹 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社ヴォークス・トレーディング | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第91期(2025/01/01－2025/12/31) | S100XTAP | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTAP,, |
| 有価証券報告書－第90期(2024/01/01－2024/12/31) | S100VHCR | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHCR,, |
| 有価証券報告書－第89期(2023/01/01－2023/12/31) | S100T4JV | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4JV,, |
| 有価証券報告書－第88期(2022/01/01－2022/12/31) | S100QHC4 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHC4,, |
| 有価証券報告書－第87期(令和3年1月1日－令和3年12月31日) | S100NS6S | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS6S,, |
| 有価証券報告書－第86期(令和2年1月1日－令和2年12月31日) | S100L17H | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L17H,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).